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ING has on Tuesday revised its full year Gross Domestic Product (GDP) forecast for Singapore to 2.9 per cent, from 2.8 per cent previously.

The move follows the Ministry of Trade and Industry's announcement early Tuesday that the Singapore economy grew by 2.1 per cent on a year-on-year basis in the first quarter of 2015 based on advance estimates, the same rate of growth as that achieved in the previous quarter.

On a quarter-on-quarter seasonally-adjusted annualised basis, the economy expanded at a slower pace of 1.1 per cent compared to the 4.9 per cent in the preceding quarter. ING noted that the slowdown in sequential growth from 4.9 per cent in 4Q14 came mostly from services.

"The data lead us to revise our full-year GDP growth forecast to 2.9 per cent from 2.8 per cent (Bloomberg consensus 3.0 per cent),'' ING said.

The research house also reiterated its year-end 1.43 USD/SGD forecast and 3.2 per cent 10-year SGS yield forecast.